that would be a threat to us in the way that perhaps that concern might have risen.

that would be a threat to us in the way that perhaps that concern might have arisen


I think a lot of improvement have been done there, but we still need to train the channel properly. And

i think a lot of improvement has been done there but we still need to train the channel properly


clients need us to guide them through these markets. We need to understand how the new

clients need us to guide them through these markets we need to understand how the new


some details on what kind of interest expenses you're using, and what kind of maintenance capital spending?

some details on what kind of interest expenses you're using and what kind of maintenance capital spending


With this, I would like to conclude my part of the presentation and hand back to Gilles.

with this i would like to conclude my part of the presentation and hand back to gilles


We've had many sessions with those 2 teams coming together, having joint new product development efforts

we've had many sessions with those 2 teams coming together having joint new product development efforts


I think that the reception that we've seen in the marketplace, the momentum and the growth

i think that the reception that we've seen in the marketplace the momentum and the growth


This new antibody is aimed at lowering tau and slowing progressive diseases, such as Alzheimer's disease

this new antibody is aimed at lowering tau and slowing progressive diseases such as alzheimer's disease


severe winter weather, at least not in those parts of the continent where most of the people live.

severe winter weather at least not in those parts of the continent where most of the people live


We are also in contract negotiations with several more, which will add to our base of business

we are also in contract negotiations with several more which will add to our base of business


For the remainder of 2016, we look forward to continuing to execute on higher production and delivery rates

for the remainder of 2016 we look forward to continuing to execute on higher production and delivery rates


that all was done at the beginning of the year. So we wanted to be positioned so we could hit the ground running,

that all was done at the beginning of the year so we wanted to be positioned so we could hit the ground running


We have come a long way in 4 quarters, but there is still more work to be done.

we have come a long way in 4 quarters but there is still more work to be done


And also looking at each of those in turn, you can see that both divisions are also well diversified within themselves.

and also looking at each of those in turn you can see that both divisions are also well diversified within themselves


and while we had a good start to the year, we have not made significant changes to our full year expectations.

and while we had a good start to the year we have not made significant changes to our full year expectation


The top line growth was fueled by rate increases and strong renewals, yet moderated by control new business.

the top line growth was fueled by rate increases and strong renewals yet moderated by controlled new business


The purchase program is the most recent example of ArcLight's significant and ongoing support of American Midstream,

the purchase program is the most recent example of arclink's significant and ongoing support of american midstream


Tom will provide more details on the financial results in his section.

tom will provide more details on the financial results in his section


We could see a slightly higher -- well, actually much higher inflation in

we could see a slightly higher -- well actually much higher inflation in


that it would be reimbursed and there would be limited sort of challenges in relation to access to

that it would be reimbursed and that there would be limited sort of challenges in relation to access to


and some of the answers in response to your questions by management may contain forward-looking statement.

and some of the answers in response to your questions by management may contain forward-looking statements


it's accelerating. So as we go through the year that probably -- number will accelerate.

it's accelerating so as we go through the year that probably number will accelerate


that was surprising to us about how much demand came in and our ability to continue to push rates.


particularly institutional verticals where activity appears to be much earlier in a cyclical recovery.

particularly in institutional verticals where activity appears to be much earlier in a cyclical recovery


In the third quarter, we announced a new partnership with Mavenir to bring to market a rich,

in the third quarter we announced a new partnership with mavenir to bring to market a rich


Our strong credit discipline and low loan-to-values have resulted in consistently low credit losses and servicing costs.

our strong credit discipline and low loan-to-values have resulted in consistently low credit losses and servicing costs


Triangle Capital Corporation issued a press release yesterday with details of the company's quarterly financial and operating results. A

triangle capital corporation issued a press release yesterday with details of the company's quarterly financial and operating results


We may need to review the dividend when we have clearer prospect.

we may need to review the dividend when we have clearer prospects


In both, we could confirm the persistent reduction of the number of bleeds

in both we could confirm the persistent reduction of the number of lease


This is the last time for me to make presentations on performance.

this is the last time for me to make presentations on performance


There was no notable change in other financial income.

there was no notable change in other financial income


But we believe that we do have the design capability.

but we believe that we do have the design capability


strong financial performance and the Lattice acquisition ready for financial close today.

strong financial performance and the lattice acquisition ready for financial close today


based on a strong reception from consumers and customers.


but it's very tightly linked to our corporate functions and very tightly linked to our business units.


it's a good point. And we do a pretty good visibility and what I would tell you is

so it's a good point and we do have pretty good visibility and what i would tell you is


for the company, on new equipment side. Now that is going to get better as we go through the year. I think we said

for the company on new equipment side now that is going to get better as we go through the year i think we said


a rate which outpaces the growth of the global economy by more than 3x over the same period.

a rate which outpaces the growth of a global economy by more than 3x over the same period


Of course, we are also try to increase commissions by developing different business lines,

of course we are also trying to increase commissions by developing different business lines


they have driven our success to date, and will enable our success going forward.

they have driven our success to date and will enable our success going forward


geography and life stage. So you will see that continue in our marketing

geography and life stage so you will see that continue in our marketing


The way we show up consistently across the globe is an essential part of how we move forward.

the way we show up consistently across the globe is an essential part of how we move forward


and we will do nothing but encourage their participation in design. But we're not waiting for them.

and we will do nothing but encourage their participation in design but we're not waiting for them


that may cause actual results to differ from management's projections, forecasts, estimates and expectations.

that may cause actual results to differ from management's projections forecasts estimates and expectations


This decrease is attributable to a decrease in earnings from our share of the BOSTCO facility,

this decrease is attributable to a decrease in earnings from our share of the bosco facility


There has been and will be other changes to improve our presence

there has been and will be other changes to improve our presence


after accounting for corporate costs. We anticipate we will have positive operating income in the fourth quarter.

after accounting for corporate costs we anticipate we will have positive operating income in the fourth quarter


those are the kinds of things that will go into our board's decision about


Let me update you on the status of our remaining tax benefit related to the support payment we made in connection

let me update you on the status of our remaining tax benefit related to the support payment we made in connection


We have created the right plan, focused on the most important objectives

we have created the right plan focused on the most important objectives


but it is a -- what's important about it is that you aren't just doing


Over the next year or so, we plan to deliver a steady cadence of clinical data across key indications

over the next year or so we plan to deliver a steady cadence of clinical data across key indications


I say we've been watching because we've been in this market for a long time,

i say we've been watching because we've been in this market for a long time


and provide clear contrasts of the mechanism of action for each of these agents.


Canadian Natural is in a great position and is now more robust and sustainable,

kennedy natural is in a great position and is now more robust and sustainable


for processing controlled substances. And we think that there are significant

for processing controlled substances and we think that there are significant


And the CapEx pattern for '17 is going to be also a mild one.

and the capex pattern for '17 is going to be also a mild one


I hope that you had a chance to review the press release that was issued earlier this morning via Business Wire.

i hope that you had a chance to review the press release that was issued earlier this morning by a business wire


The technology now enable solutions that were not necessarily possible 5 years ago. It is attracting

the technology now enables solutions that were not necessarily possible 5 years ago it is attracting


While we're talking about geographies, let me add a little color to Steve's comments on trade and tariffs related to China.

while we're talking about geographies let me add a little color to steve's comments on trade and tariffs related to china


create new, I'll call it, new, new solutions based on integrating the data that we have available from what's in the portfolio.

create new -- i'll call them new new solutions based on integrating the data that we have available from what's in the portfolio


This higher end line is part of our strategy to appeal to the more discerning wellness consumer.

this higher-end line is part of our strategy to appeal to the more discerning wellness consumer


the distribution channels. Another good benefit with this for us is that

the distribution channels another good benefit with this for us is that


From an adoption standpoint, I'm assuming it's fair to say that

from an adoption standpoint i'm assuming it's fair to say that


I think, are the supply and demand. As I said in my color comments, I think that's really going to dictate

i think the supply and demand as i said in my color comments i think that's really going to dictate


And then the final thing I would say, and I think we have to emphasize this more and more in our dialogue with the capital markets

and then the final thing i would say and i think we have to emphasize this more and more in our dialogue with the capital markets


to drive improved financial performance as we are beginning to see this play through in our financial results.


And if -- to be a fitter for those, even though you're self-employed, you have to now come in and be tested.

and to be a fitter for us even though you're self-employed you have to now come in and be tested


Ladies and gentlemen, we would like to welcome you very warmly

ladies and gentlemen we would like to welcome you very warmly


There is nothing out there at the present time that would be a whole team lift-out.

there is nothing out there at the present time that would be a whole team lift out


In an environment business, activity is accelerating, which is contributing to an improved growth outlook.

in the environment business activity is accelerating which is contributing to an improved growth outlook


Great. Thank you operator, and thanks in particular for your assist on the technical issues earlier in the call.

great thank you operator and thanks in particular for your assist on the technical issues earlier in the call


we think it's a drug that we want to do some work on to figure out where it could go.


The mix between our transmission and gathering customers and gas utility customers

the mix between our transmission and gathering customers and gas utility customers


we might favor the international transaction. Simply because it's a nice opportunity to use our international cash.

we might favor the international transaction simply because it's a nice opportunity to use our international cash


We expect cash flow before financing activities to be positive this year but substantially lower than last year.

we expect cash flow before financing activities to be positive this year but substantially lower than last year


what we observe is that while this is on the very, very long term

what we observe is that while this is on the very very long term


have it picked up by the regulator. I expect another year at least before we see that coming.

have it picked up by the regulator i expect another year at least before we see that coming


At the heart of Connected 4 Growth is the organizational and core process changes

at the heart of connected for growth is the organizational and core process changes


The other important factor that will drive our revenue growth is end customer adoption.

the other important factor that will drive our revenue growth is end customer adoption


We will continue to focus on this market segment and trust in our long term growth trend.

we will continue to focus on this market segment and trust in a long-term growth trend


looking at those inventories right now, they're still low as compared to historically what they have been.

looking at those inventories right now they're still low as compared to historically what they have been


big things we're focusing on here is building the total subscriber base, which is driving the voice story

big things we're focusing on here is building the total subscriber base which is driving the voice story


that's just not a big number right now. But you go into the year with just wage inflation

that's just not a big number right now but you go into the year with just wage inflation


really translate for the franchisees making a lot more money, even when you have

really translate for the franchisees making a lot more money even when you have


report on the complete TV set in terms of its progress and development.

report on the complete tv set in terms of its progress and development


How are you addressing the value equation to the customer who is not the My Starbucks Rewards customer?

how are you addressing the value equation to the customer who is not the my starbucks rewards customer


We believe this will transform the quality and effectiveness of brand building to drive growth.

we believe this will transform the quality and effectiveness of brand building to drive growth


And now moving to Slide 18 and our outlook. We are maintaining an outlook

and now moving to slide 18 and our outlook we are maintaining an outlook


This growth rate significantly exceeded our internal expectations, and we're really proud of these results.

this growth rate significantly exceeded our internal expectations and we're really proud of these results


They are constantly looking, but the attention will shift to Japan more.

they are constantly looking but the attention will shift to japan more


large site in the Gothenburg area and the traditional rebalancing of the contract

new large site in the gothenburg area and the traditional rebalancing of the contract


And we are excited to have the opportunity to deploy our success team to help.

and we are excited to have the opportunity to deploy our success team to help


Underlying manufacturing efficiencies continued to improve in the quarter as our EBITDA margin improved

underlying manufacturing efficiencies continued to improve in the quarter as our ebitda margin improved


We've always known it was there. We've known that we were doing the right things to get it to come true. But

we've always known it was there we've known that we were doing the right things to get it to come true but


any size acquisition, continue to return money to our shareholders on a regular basis

any size acquisition continue to return money to our shareholders on a regular basis


as opposed to shifting economics more towards the tail of attractive royalty streams?


to ensure we continue to consistently grow the top and bottom lines and ultimately create


Well -- and I'm not -- look, I think you guys are doing a great job and you're trying your best.

well and i'm not -- look i think you guys are doing a great job and you're trying your best


So all of that was contained in the last week and essentially most of it was contained in the first 3 days of the week.

so all of that was contained in last week and essentially most of it was contained in the first 3 days of the week


I don't think it's driven by a size component. It's actually driven by the

i don't think it's driven by a size component it's actually driven by the


These improvements and others drove meaningful increases in customer satisfaction.

these improvements and others drove meaningful increases in customer satisfaction


We believe we can create significant value for our customers and our shareholders.

we believe we can create significant value for our customers and our shareholders


With that, I will now be pleased to take your questions. Thank you very much for

with that i will now be pleased to take your questions thank you very much for


Despite the continued commodity downturn, we believe we are now in a stronger position than we have ever been before

despite the continued commodity downturn we believe we are now in a stronger position than we have ever been before


there was kind of no heads up of that when you reported November 19. So

there was kind of no heads up of that when you reported november 19 so


early in April versus what was going on at the beginning of the quarter?

early in april versus what was going on at the beginning of the quarter


to invent social media, but when we recognize something can help our business, we fold in pretty quick.

invent social media but when we recognize something can help our business we fold in pretty quick


that reflects both the opportunities and challenges in the evolving China pharmaceuticals market.

that reflects both the opportunities and challenges in the evolving china pharmaceuticals market


And we'll actually start to see some restructuring benefits in Industrial Controls in particular,

and we'll actually start to see some restructuring benefits in industrial controls in particular


we believe we're well positioned for future growth. And with that, I'd like to open the floor

we believe we're well positioned for future growth and with that i'd like to open the floor


It's been done in the past by other BDCs. We didn't want to do that. So we kind of felt painted into a corner.

it's been done in the past by other bdcs we didn't want to do that so we kind of felt painted into a corner


We also have several equity investments in C corporations which have contributed to our dividend income.

we also have several equity investments in c corporations which have contributed to our dividend income


And then do you have -- is the amortization requirement lower than it was on the previous

great and then do you have -- is the amortization requirement lower than it was on the previous


We're particularly excited about the opportunity that exists for the brand in the beauty space.

we're particularly excited about the opportunity that exists for the brand in the beauty space


a warehouse full of inventory across all the categories just sitting there I mean

a warehouse full of inventory across all categories just sitting there i mean


relief that tax reform is here and excitement about a more favorable investment


Our ongoing strategy work continues to emphasize the vast opportunities in our pharmaceutical business,

our ongoing strategy work continues to emphasize the vast opportunities in our pharmaceutical business


The first few products resulting from this accelerated effort are already in the market

the first few products resulting from this accelerated effort are already in the market


where we think we will be able to effectively compete in managing our own operations.


price realization in both developed and emerging markets and commodity deflation


One Touch seller sign-up significantly reduces the friction of signing up to sell in a new marketplace

one-touch seller sign-up significantly reduces the friction of signing up to sell in a new marketplace


going from weighted average interest rate of 2.7% at the end of the second quarter

going from weighted average interest rate of 2 7 at the end of the second quarter


with the new pipeline, with the implementations that we just had, that's extremely valuable to us.

with the new pipeline with the implementations that we just had that's extremely valuable to us


During the third quarter we gained considerably more insight into what it's going to take to complete this project.

during the third quarter we gained considerably more insight into what is going to take to complete these projects


what were you assuming in terms of people who were not going to buy a home at all then that were


so what we try to do is only bring back that cash that is needed to cover our


Before we take your questions, I would like to make a few comments about our outlook.

before we take your questions i would like to make a few comments about our outlook


And so I think that there's kind of multiple decision points that we go through when we're thinking about

and so i think that there's kind of multiple decision points that we go through when we're thinking about


but not only by the carryover impact of the selling price increase of 2018, but also

but not only by the carryover impact of the selling price increase of 2018 but also


fully bake as it relates to what I told you what happened in the month of November. So

to fully bake as it relates to what i told you would happen in the month of november so


and lot of strategic work that we've already started on, we do see great growth potential in areas such as Medicare Advantage,

and a lot of strategic work that we've already started on we do see great growth potential in areas such as medicare advantage


All such factors should be considered in evaluating any forward-looking statements that may be made.

all such factors should be considered in evaluating any forward-looking statements that may be made


because we don't operate in China. We don't have a license to operate in China, but there are a number of those customers that we have saved

because we don't operate in china we don't have a license to operate in china but there are a number of those customers that we have saved


And we have like -- we believe that we have a very good, solid

and we have like -- we believe that we have a very good solid


And there will be some startup costs. But we'll try to do the best we can in terms of identifying those for you and then giving you a sense

and there will be some start-up costs but we'll try to do the best we can in terms of identifying those for you and then giving you a sense


as kind of comparable to your thinking in terms of your 2019 guidance


These laboratory programs employ specialized analytical devices that are proprietary to Core Lab.

these laboratory programs employ specialized analytical devices that are proprietary to core lab


I'll begin the call with some brief comments and then Ken will review the financial results for the quarter.

i'll begin the call with some brief comments and then ken will review the financial results for the quarter


principle requirements, this change does not reflect our commitment

principal requirements this change does not reflect our commitment


either with their mobile in our packs where we offer more data or

either with their mobile in our pacs where we offer more data or


and increased personnel costs from filling global positions to support our growth and diversification strategy.


We will continue to invest in these segments of our customers and

we will continue to invest in these segments of our customers and


probably be the lead in the industry among the top 10 or 15 banks


Salaries and benefits and other real estate expenses account for most of the change in each period.

salaries and benefits and other real estate expenses account for most of the change in each period


Please refer to the detailed note in the company's press release regarding forward-looking statements.

please refer to the detailed note in the company's press release regarding forward-looking statements


incentive comp reversals either in the third or the fourth quarter last year that we should keep in mind


then take that product in our trip plan and make it transparent to our customers

then take that product and our trip plan and make it transparent to our customers


We're seeing an increasing pipeline and the deal flow for the company as a result of this focus.

we're seeing an increase in pipeline and the deal flow for the company as a result of this focus


We've been looking to expand our sales channel for payment processing beyond our traditional financial institutions.

we've been looking to expand our sales channel for payment processing beyond our traditional financial institutions


Similarly, we continue to believe we are well positioned to achieve our diluted earnings per share guidance

similarly we continue to believe we are well positioned to achieve our diluted earnings per share guidance


just given -- actually, let me ask this guidance one first. Matt, did you go over how much of the

just given -- actually let me ask this guidance one first matt did you go over how much of the


then you can have a soft profiting on the merchant. So anything that happens in the physical store

then you can have a soft cost sitting on the margin so anything that happens in the physical store


Whatever earnings are gained through this will be given to the institution.

whatever earnings are gained through this will be given to the institution


by owning the supply that goes into at least a piece of that terminal, and then using our

by owning the supply that goes into at least a piece of that terminal and then using our


may include forward-looking statements regarding the company's financial and operating performance.


ads in market, marketing on the card. We actually haven't focused on marketing the card really at all over the last few quarters.

adds in marketing on the card we actually haven't focused on marketing the card really at all over the last few quarters


This facility leads to provide needed floor space to support the expanding product line

this facility leased to provide needed floor space to support the expanding product line


really driven by better uptime and some better well performance. We were plus 10,000 in Malaysia.

really driven by better uptime and some better well performance we were plus 10 in malaysia


And we'll continue to use the tools within the Nordson Business System to drive operating improvement across the enterprise.

and we'll continue to use the tools within the lordstown business system to drive operating improvement across the enterprise


Before we start, I want to remind you that certain statements made in this conference call may be considered forward looking.

before we start i want to remind you that certain statements made in this conference call may be considered forward-looking


that they expect the pipeline to be repaired and operating as normal by the end of August.

that they expect the pipeline to be repaired and operating as normal by the end of august


And that was all possible because of our team, with the support of our shareholders, and

and that was all possible because of our team with the support of our shareholders and also


This call contains statements that may constitute forward-looking statements, which are based on information currently available.

this call contains statements that may constitute forward-looking statements which are based on information currently available


You can see our reliability numbers reflect the investment that's been made,

you can see our reliability numbers reflect the investment that's been made


A number of factors were in play, including mixed performance across our varied end markets

a number of factors were in play including mixed performance across our varied end markets


we and our customers, entering next year with strong and healthy backlogs and strong and healthy outlook.

we and our customers generating next year with strong and healthy backlogs and strong and healthy outlook


as well as the increase in fat. This study is also expected

as well as increase in fat this study is also expected


And so the question that we have to answer is where do our particular producers

and so the question that we have to answer is where do our particular producers


and the progress in network and services as well as customer demand for the new portfolio.


is it driven more by the larger guys who are trying to reactivate a lot of older tired equipment?


and a cost structure twice as high as we had so. Now there is some pain involved in doing these things. But

and a cost structure twice as high as we had so now there's some pain involved in doing these things but


We achieved another important second quarter milestone with the completion of the

we achieved another important second quarter milestone with the completion of the


on the acquisition underwriting just to kind of see how things shake out and how things change? Or is it kind of

on the acquisition underwriting just to kind of see how things shake out and how things change or is it kind of


and other culling activities which will be largely completed by the end of the year.

and other calling activities which will be largely completed by the end of the year


that you would really rely on for a significant part of your business within the Color group.

that you would really rely on for a significant part of your business within the color group


you have some nice exposure. It's probably one of the smaller items within the

you have some nice exposure it's probably one of the smaller items within the


I will now turn the call back to Vic to further discuss the current business environment. Thanks, Nancy.

i will now turn the call back to vic to further discuss the current business environment thanks nancy


possibly doing something which is not the optimal solution after the few


there is a lot of publication and a lot of communication on those topics,


has been introduced for the Swiss platform. And the vast majority of clients booked in Switzerland now

has been introduced for the swiss platform and the vast majority of clients booked in switzerland now


In summary, the outside engineering studies and review affirmed our internal assessments.

in summary the outside engineering studies and review affirmed our internal assessments


you did mention that in some parts of AP, where you are present, you are kind of going a little slow, because it's cash economy.

you did mention that in some parts of ap where you are present you are kind of going a little slow because it's cash economy


We're on track with our target to receive late fourth quarter regulatory clearances for each product,

we're on track with our target to receive late fourth quarter regulatory clearances for each product


Our performance benefited from continued improvements in our infrastructure and sales spend

our performance benefited from continued improvements in our infrastructure and sales spend


who continue to be an integral part of our efforts to drive change and ensure our successful transformation.


That is what we're experiencing at this time, and we can't say with certainty when our new initiative will gain traction.

that is what we are experiencing at this time and we can't say with certainty when our new initiative will gain traction


and expand our operations into targeted regional territories, all of which will ultimately drive shareholder value.

and expand our operations into targeted regional territories all of which will ultimately drive shareholder value


by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act

by the safe harbor for forward-looking statements provided by the private securities litigation reform act


error rate providers would be referred to the RACs, which I don't believe we've had any referrals to date.

high error rate providers would be referred to the racs which i don't believe we've had any referrals to date


at 7%. Flat-rolled pricing has been under pressure for over a year now with

at 7% flat rolled pricing has been under pressure for over a year now with


This may seem like a silly question, but I'm kind of wondering what you think is

this may seem like a silly question but i'm kind of wondering what you think is


giving them the flexibility and seamless experience that they expect and hope for when shopping online.


As George mentioned, the focus on improving cash flow is our company's top priority,

as george mentioned the focus on improving cash flow is our company's top priority


of First Defense and any competing products out there, which seems very low.

of first defense and any competing products out there which seems very low


down at WVO, as well as to a degree the opening of the new sales offices. Some of our sales offices

down at wvo as well as to a degree the opening of the new sales offices some of our sales offices


working to help bring TMX much closer to our clients and enable us to build a better understanding of their needs.

working to help bring tmx much closer to our clients and enable us to build a better understanding of their needs


In 3 months, we more than tripled the number of advertisers spending in our auction.

in 3 months we more than tripled the number of advertisers spending in our auction


Thank you, Jim. I'll first discuss a review of the

thank you jim i'll first discuss a review of the


I think there's a lot of opportunity for that. I personally see some upside to our conservative guidance.

i think there's a lot of opportunity for that i personally see some upside to our conservative guidance


how orders get processed under Milestone C, which was a first time for going through that process for us.

how orders get processed under milestone c which was the first time for going through that process for us so


We partnered with Special Situations Fund, a fund that we have a high degree of respect for.

we partnered with special situations fund a fund that we have a high degree of respect for


So all of these large companies and I've mentioned by the way, those four companies in the session

so all of these large companies and i've mentioned by the way those 4 companies in the session


and then trade them on later on into cruise ships and so on. You can't do that if you miss sell

and then trade them on later on into cruise ships and so on you can't do that if you missell


And with that, I will turn the call over to Steven for some comments on our financial and operational results.

and with that i'll turn the call over to stephen for some comments on our financial and operational results


helps offset the elevated price environment. Let me walk you through a few recent transactions.

helps offset the elevated price environment let me walk you through a few recent transactions


No, we do look at them together, Paul. And I think you're right on there in terms of your initial

no we do look at them together paul and i think you're right on there in terms of your initial


Or is it more really based that you think there's a much bigger opportunity for the group,

or is it more really based that you think there's a much bigger opportunity for the group


by both executing our plan to approval and successfully competing in the marketplace.


We are spending a lot of time trying to figure out which assets are on the one hand

we're spending a lot of time trying to figure out which assets are on the one hand


Hatteras shareholders are urged to read these documents, as they may be amended from time to time,

hatteras shareholders are urged to read these documents as they may be amended from time to time


We fell behind. We didn't have new products. We didn't have the contacts to develop those new products,

we fell behind we didn't have new products we didn't have the contacts to develop those new products


Those programs are obviously designed for remaining in place for a couple of years' time.

those programs are obviously designed for remaining in place for a couple of years' time


meaningful size for us and they've performed consistent with our modeling and


We see this strength and consistency in new store performance

we see this strength and consistency in new store performance


He was instrumental in both creating and realizing the vision for Five Below,

he was instrumental in both creating and realizing the vision for five below


Given our recent announcements of strategic acquisitions, organic growth projects and other

given our recent announcements of strategic acquisitions organic growth projects and other


carbon market came down a little bit, but you're not seeing that as any kind of real change in trend?

carbon market came down a little bit but you're not seeing that as any kind of real change in trend then


And from that perspective, we look forward to lots of folks signing up and using the card. But

and from that perspective we look forward to lots of folks signing up and using the card but


and review our key revenue growth area, marketing solutions and other services.

and review our key revenue growth area marketing solutions and other services


So as we continue to grow the parts of our portfolio that have better margin

so as we continue to grow the parts of our portfolio that have better margin


So the impact of the Cures Act was an immediate reimbursement cut

so the impact of the cures act was an immediate reimbursement cut


are able to participate in the diagnostic process and be relevant to their


We currently plan to maintain our capital at the level necessary to retain our current ratings.

we currently plan to maintain our capital at the level necessary to retain our current ratings


is going to offset anything happening in Marketplace. So that's really where you should look for it.

it's going to offset anything happening in marketplace so that's really where you should look for it


our mega carry readiness have yet again proven to be right.

our mega carry readiness has yet again proven to be right


Yes, Scott. I feel really good about our liquidity position at the end of first quarter. If you think about where we were at the end of the year,

yes scott i feel really good about our liquidity position at the end of first quarter if you think about where we were at the end of the year


In the midterm, we expect to leverage additional tech transfer resources

in the midterm we expect to leverage additional tech transfer resources


In the past few years, it has been more difficult for existing products to achieve growth.

in the past few years it has been more difficult for existing products to achieve growth


Owning generation assets is a necessity for a retail electricity provider of our size

owning generation assets is a necessity for a retail electricity provider of our size


Intel notes that over 50% of the people who want to lose weight are looking for food that has low sugar.

mintel notes that over 50% of the people who want to lose weight are looking for food that has low sugar


has been the upward trend of guideline increases in our British Columbia and Ontario markets.

has been the upward trend of guideline increases in our british columbia and ontario markets


After a competitive process involving other cloud vendors, Five9 was selected for multiple reasons,

after a competitive process involving other cloud vendors five9 was selected for multiple reasons


into one network. So this is not a transaction where you value

into one network so this is not a transaction where you value


frankly, from when we started to actually get things done and usable. Now what we have

frankly from when we started to actually get things done and usable now what we have


and get ahead of the curve and dominate that market in the coming years. Now

and get ahead of the curve and dominate that market in the coming years now


What we do need to do for them is go through those databases, though, and link up

what we do need to do for them is go through those databases though and link up


lots of annuitants are very difficult to be placed in the market because I mentioned

lots of annuitants are very difficult to be placed in the market because i mentioned


new partners added to that side for this season.


with the deployment capability, we've expanded over the past quarter, that gives us a lot of confidence

with the deployment capability we've expanded over the past quarter that gives us a lot of confidence


very convenient for people because they could get their order


that it's an interesting phenomenon facing the civil works industry today,


we are no longer seeking a risk-sharing collaborator to develop this product candidate prior to clinical entry.


One of the things that we tried to stress, and maybe I didn't do it well enough, is that

one of the things that we tried to stress and maybe i didn't do it well enough is that


This slide compares our Frozen Desserts business with the overall market.

this slide compares our frozen desserts business with the overall market


I'm wondering if you could give us some idea of where rates would actually need to go

i'm wondering if you could give us some idea of where rates would actually need to go


with a broad selection of affordable course materials and operate as the official


I would also say that given the fact that we have the ADITC extension,

i would also say that given the fact that we have the aditc extension


will put us in a favorable position once our additional capacity comes online.


Excluding this favorable tax benefit, our effective tax rate was a bit artificially high

excluding this favorable tax benefit our effective tax rate was a bit artificially high


something -- if you're starting from the midpoint of the range, something higher than the midpoint of the range. But when

something -- if you're starting from the midpoint of the range something higher than the midpoint of the range but when you're


The company undertakes no duty to update any forward-looking statements that are made during the course of this call.

the company undertakes no duty to update any forward-looking statements that are made during the course of this call


And at the end of the day, our teams are compensated for their performance on a transaction.

and at the end of the day our teams are compensated for their performance on a transaction


to reward and recognize their dedication and contribution to making our business better and stronger.


At one point, we had 5 segments and it was very difficult to focus on what we needed to do.

at one point we had 5 segments and it was very difficult to focus on what we needed to do


the energy sale gain and a tax charge, both of which were realized at the very end of the fourth quarter.

the energy sale gain and the tax charge both of which were realized at the very end of the fourth quarter


are you seeing some of those potential Enterprise CRM customers look at NXT instead?

are you seeing some of those potential enterprise crm customers look at nxt instead


that don't have a unique advantage today that really need some kind of relative competitive scale.


To close, we delivered a strong first quarter. It positioned us well for another year of durable growth.

to close we delivered a strong first quarter and it positioned us well for another year of durable growth


So while the price points are lower than premium core scotch, the margins are still favorable.

so while the price points are lower than premium core scotch the margins are still favorable


Operating profit was marginally down as a result of planned investment in price to restore lost market share.

operating profit was marginally down as a result of planned investment in price to restore lost market share


Although, Thai and Indian origin price dynamics is expected to impact category mix,

although thai and indian origin price dynamics is expected to impact category mix


into the business via our library and digital acquisition efforts.


be able to ensure 0 harm. We have a responsibility to our people

be able to ensure 0 harm we have a responsibility to our people


Our outlook assumes that the current business transient trends continue for the balance of the year.

our outlook assumes that the current business transient trends continue for the balance of the year


I'm going to provide some general perspective on the business as a whole and our reporting segments as to the third quarter.

we're going to provide some general perspective on the business as a whole and our reporting segments as of the third quarter


to increase customers and increase the penetration of those customers, I think that's what we're seeing

to increase customers and increase the penetration of those customers i think that's where we're seeing


Or because that's lower than this year's originations, would you expect that to be on maybe the lower end of that range?

or because that's lower than this year's originations would you expect that to be on maybe the lower end of that range


an extensive discussion on this, on the different bills that will be passed through Congress.

an extensive discussion on this -- on the different bills that will be passed to congress


the fact that with respect to the organizational restructuring that you still have the merchandising piece


in a way that we mentioned to you that we selected customers we wanted to grow with. And by using

in a way that we mentioned to you that we select the customers we wanted to grow with and by using


You should not consider the presentation of this additional information in isolation or as a substitute for

you should not consider the presentation of this additional information in isolation or as a substitute for


So to launch this process, we'll be asking our board to increase our second quarter regular dividend payout rate

so to launch this process we will be asking our board to increase our second quarter regular dividend payout rate


all of which are difficult or impossible to predict and may of which are beyond the company's control.


The revenue impact varies based on where we are in the term of each particular contract.

the revenue impact varies based on where we are in the term of each particular contract


have a lot of initiatives going on there all at once. And the market's certainly not helping you out. But

have a lot of initiatives going on there all at once and the market certainly not helping you out but


And three, our relationships with our plastic surgeon customers remain as strong as ever

and three our relationships with our plastic surgeon customers remain as strong as ever


my reaction to the reception that we received in San Diego

my reaction to the reception that we received in san diego


The company also produces a line of manual and electric material handling equipment marketed under the Lifter brand.

the company also produces a line of manual and electric material handling equipment marketed under the lifter brand


constant year-over-year, and we were hoping to see a little bit more of an increase, but I think the reality is setting in that

fairly constant year-over-year we were hoping to see a little bit more of an increase but i think the reality is setting in that


Also as a reminder, our dividend is largely based on the performance of our managed operations.

also as a reminder our dividend is largely based on the performance of our managed operations


and automating and streamlining many aspects of our production processes, billings and other functions.

and automating and streamlining many aspects of our production processes billing and other functions


explain the regulatory approvals that are required under the arrangement agreement?


We've chosen to acquire additional land to provide flexibility for future expansion.

we've chosen to acquire additional land to provide flexibility for future expansion


early on in the year, even though it's a smaller part of the volume of the market and a tiny part of price.

early on in the year even though it's a smaller part of the volume of the market and a tiny part of price


We hope our investor presentation on our website and that call answered any questions that you have

we hope our investor presentation on our website and that call answered any questions that you


credit quality is the primary reason we believe that we have such a unique value proposition.


This was on top of a long list of innovations we have already introduced in previous years.

this was on top of a long list of innovations we have already introduced in previous years


many of the customers pay up. And that's not the case when it used to be when they get seriously delinquent in the past.

many of the customers pay up and that's not the case when it used to be when they'd get serious delinquent in the past


investors looking for ways to diversify their duration and exposure, to reduce their duration exposure

investors looking for ways to diversify their duration exposure to reduce their duration exposure


feel those 2 teams are working together, and that may have an impact on where you see us source from in the future. But

we feel those 2 teams are working together and that may have an impact on where you see a source from in the future but


We are taking share in this important segment of the market, leveraging the full breadth of our solutions,

we are taking share in this important segment of the market leveraging the full breadth of our solutions


And we're going to continue to be disciplined and patient about our capital allocation. Thank you.

and we're going to continue to be disciplined and patient about our capital allocation thank you


along with that from GE Capital and feel very good about the prospects of that business as we look into

along with that from ge capital and feel very good about the prospects for that business as we look into


Our emphasis on improving economic profitability as an organization is proving

our emphasis on improving economic profitability as an organization is proving


which was driven largely by the continued conversion of new customer accounts onto our cloud solutions.


We will continue to acquire and expand our footprint.

we will continue to acquire and expand our footprint


the channel mix you have for the individual products, and that will evolve over time.

the channel mix you will have for the individual products and that will evolve over time


And we believe Knife River operations in California are well positioned to benefit from this bill.

and we believe knife river operations in california are well positioned to benefit from this bill


to service Anthem's patients or our commitment to renew the contract at the end of the term.

to service anthem's patients or our commitment to renew the contract at the end of the term


As Eric noted, our financial results are strong, and we have a great foundation upon which to build.

as eric noted our financial results are strong and we have a great foundation upon which to build


The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

the conference has now concluded thank you for attending today's presentation you may now disconnect


In the first 9 months of 2017, we have nearly achieved those results and anticipate

in the first 9 months of 2017 we have nearly achieved those results and anticipate


from an entrepreneurial work at your home. So we're able to keep our

from an entrepreneurial work out of your home so we're able to keep our


rewarding them faster and building and strengthening future sales leadership.


let's say, confident as well that we found a way that we can grow in the future

let's say confident as well that we found a way that we can grow in the future


to achieve or evoke whatever therapeutic response they're after. So I think over the next several quarters

to achieve or invoke whatever therapeutic response thereafter so i think over the next several quarters


And when those are live, because they're in SKY, there is no integration work to do

and when those are live because they're in sky there is no integration work to do


Before we begin the conference, let me give you some reminders. In the briefing, future projections

before we begin the conference let me give you some reminders in the briefing future projections


On a non-GAAP adjusted basis, after adjusting for expenses related to the impairment of intangibles

on a non-gaap adjusted basis after adjusting for expenses related to the impairment of intangibles


And of course, we are responding to the tense market situation by constantly adjusting

and of course we are responding to the tense market situation by constantly adjusting


operating margins at some point. Is that the way to characterize what's about to happen? Or is it

operating margins at some point is that the way to characterize what's about to happen or is it


This negatively impacted capital sales and device installations early in the year.

this negatively impacted capital sales and device installations early in the year


Higher costs in these plants have offset our productivity gains and impacted or margins.

higher costs in these plants have offset our productivity gains and impacted our margins


So we want to make sure that we have sort of price-competitive that we've got equipment on hand going into the

so we want to make sure that we have -- so we're price competitive that we've got equipment on hand going into the


what meets the FERC definition of maintenance, and then everything else goes into other, except for fuel.

what meets the ferc definition of maintenance and then everything else goes into other except for fuel


have created a foundation to a successful turnaround of Digital Services.

have created a foundation to a successful turnaround of digital services


there, we always wanted to maximize our ownership stake without providing more capital actually

there we always wanted to maximize our ownership stake without providing more capital actually


Do you think it has to be a part of like an executive action or is this a part of a larger infrastructure bill?

do you think that has to be part of like an executive action or is this part of a larger infrastructure bill


All of our categories continue to post positive organic revenue growth.

all of our categories continue to post positive organic revenue growth


Third, we look for acquisitions to be accretive by their second full year with us

third we look for acquisitions to be accretive by their second full year with us


A transcript of this conference call will be added to our Website and the IR app within the next

a transcript of this conference call will be added to our website and the ir app within the next


As we indicated earlier in the call, we are extraordinarily focused on managing expenses in this challenging revenue environment.

as we indicated earlier in the call we are extraordinarily focused on managing expenses in this challenging revenue environment


Of course, our future burn rate will be dependent on whether we partner the D5 technology

of course our future burn rate will be dependent on whether we partner with the d5 technology


and we are now seeing the kind of activity levels we have been hoping for since the first of the year.


But on the other end of the spectrum, to some degree, is Europe. Now Europe is

but on the other end of the spectrum to some degree is europe now europe is


some of the opportunities that are coming together. We needed to build out more of our

some of the opportunities that are coming together we needed to build out more of our


The key elements of our transformation plan are simplifying our company,

the key elements of our transformation plan are simplifying our company


West Coast of Africa and Indonesia, to name a few of them.

west coast of africa and indonesia to name a few of them


I think, not just our industry, but everybody in the country has seen a deterioration of rail services

i think not just our industry but everybody in the country has seen the deterioration of rail services


and our efforts to expand distribution are working well, particularly in Asia.

and our efforts to expand distribution are working well particularly in asia


And that's been a disappointment in the second quarter, and we certainly revised our outlook for the rest of the

and that's been a disappointment in the second quarter and we certainly revise our outlook for the rest of the


the way that the quarter unfolded. And so certainly, this was part of what

the way that the quarter unfolded and so certainly this was part of what


I never whine to just enjoy a good thing, I will remind you that this growth comes at a price

and never wanting to just enjoy a good thing i will remind you that this growth comes at a price


Should we assume that is a reasonable quarter as a baseline?

should we assume that is a reasonable quarter as a baseline


we've included new information that we felt would be useful to the users of our financial statements,


to leverage our leadership in multiple sclerosis, to capture broad opportunities in neuroscience.

to leverage our leadership in multiple sclerosis to capture broad opportunities in neuroscience


acceleration of the effort which bodes well for competitiveness. It just happened to be that we had to fix this

acceleration of dfl which bodes well for competitiveness it just happened to be that we had to fix this


Both rental demand and utilization trends have been positive for the first few weeks of October.

both rental demand and utilization trends have been positive for the first few weeks of october


And so when you talk about the accounts being fixed or at least the new one,

and so when you talk about the accounts being fixed or at least the new one


And how many deals are you working on at the moment? So we have

and how many deals are you working on at the moment so we have


Our expectation is that over time we will generate a higher level of revenues in China

our expectation is that over time we will generate a higher level of revenues in china


Over the years, we have continued to incur losses in transitioning the retail network.

over the years we've continued to incur losses in transitioning the retail network


love working with Five Below, love the opportunity to really grow their business as our business is growing.

love working with five below i love the opportunity to really grow their business as our business is growing


leading to a 20 basis point improvement in our operating margin during the fourth quarter.


and we've got the distribution and we have the right advertising, we should be able to do that with

and you've got the distribution and we have the right advertising we should be able to do that with


in order to enable investors to better understand and assess our continuing core operating results.


And if you could give any sort of update on what you've seen there if that is possible to measure.


who will take you through our upcoming priorities, along with our business and funding plans going forward.

who will take you through our upcoming priorities along with our business and funding plans going forward


We will continue on Will's side of the world to grow our Energy Coal franchise,

we will continue on will's side of the world to grow our energy coal franchise


the thing that's materially different from before the downturn a couple of years ago, and now is

the thing that's materially different from before the downturn a couple of years ago and now is


where Huawei before internalized a lot of the production of TOSAs and transceivers and things,

where huawei before internalized a lot of the production of tosas and transceivers and things


I want to again thank our employees around the globe for their hard work this quarter.

i want to again thank our employees around the globe for their hard work this quarter


as we presented last year, when we started last year, there was no J code

as we presented last year when we started last year there was no j-code


So they are linear in the way they are done, so you shouldn't read anything into that.

so they are linear in the way they are done so you shouldn't read anything into that


That completes my review for the quarter. And I'll now turn it back over to Jack for some additional comments.

that completes my review for the quarter and i'll now turn it back over to jack for some additional comments


are kind of in and around some of those. I think that what we see though is the opportunity internationally,

we're kind of in and around some of those i think that what we see though is the opportunity internationally


And we wanted to also work with our customers to minimize the burden

and we wanted to also work with our customers to minimize the burden


We've been expanding our presence and drive both markets and brand penetration.

we've been expanding our presence and drive both market and brand penetration


This plant meets a critical need for additional processing capacity and is currently running near capacity.

this plant meets a critical need for additional processing capacity and is currently running near capacity


Either the overall valuation or execution of something more strategic in nature

either the overall valuation or execution of something more strategic in nature


protecting the resources and technology resources around NPI was critical to us

protecting the resources and technology resources around npi was critical to us


I said how do you know we're not going to get it again. I said that they liked us last year, they'll love us this year.

i said how do you know we're not going to get it again i said if they liked us last year they're going to love us this year


What do you think drove that increase? That's my first question.

what do you think drove that increase that's my first question


funding directly some of the energy efficiency measures, actually it slowed down the process

funding directly some of the energy efficiency measures actually it slowed down the process


And all the initiatives I've talked about on every call have been setting us up to have a great December.

and all the initiatives i've talked about on every call have been setting us up to have a great december


to accelerate growth that are still being consumed by buyers of active


We have completed our first round of investments now in Belgrade. We were down there last week -- 2 weeks ago

we have completed our first round of investments now in belgrade we were down there last week -- 2 weeks ago


and he can also answer, but I will answer on his behalf. So regarding the normalized level of their

and he can also answer but i will answer on his behalf so regarding the normal level of their


having history, are important and the reason that they're important are a couple fold. One is

having history are important and the reason that they're important are a couple-fold one is


A portion of revenue associated with new and expansion unit shipment was deferred

a portion of revenue associated with new and expansion unit shipment was deferred


Interest expense declined versus prior year due to the impact of our recent refinancing.

interest expense declined versus prior year due to the impact of our recent refinancing


then the key is volume. If you have the volume, then you can offer more lower cost.

then the key is the volume if you have the volume then you can offer more lower cost


there is an opportunity for NOV Tuboscope to inspect the pipe to assure its new owner that it is fit for purpose.

there is an opportunity for nov tuboscope to inspect the pipe to assure its new owner that it is fit for purpose


Operating cash flow grew for the eighth straight year,

operating cash flow grew for the eighth straight year


Our teams have been working very hard, and I'm incredibly proud of them and the work that they're doing.

our teams have been working very hard and i'm incredibly proud of them and the work that they're doing


It is now my pleasure to turn the conference over to your host, Mr. Doug VanOort. Please begin.

it is now my pleasure to turn the conference over to your host mr doug van ort please begin


The remaining net assets reflected on the balance sheet related to discontinued operations

the remaining net assets reflected on the balance sheet related to discontinued operations


conservatism in guidance right now? Or did some of the cost improvements in Ohio and Texas

conservatism in guidance right now or did some of the cost improvements in ohio and texas


right around where we expected it to. The new news, which I covered

right around where we expected it to the new news which i covered


We continue to forecast


this year, the Dynasil management took a look at the time that we've invested

this year the dynasol management took a look at the time that we have invested


What essentially happened in the Contract Research business in 2016 was

what essentially happened in the contract research business in 2016 was


but that was set up for the early 2020s, knowing that we've got a number of products to launch in the next

but that was set up for the early 2020s knowing that we've got a number of products to launch in the next


Most of it's equipment. There are a few property sales in there, but those are the minority of that. Most of that is

most of it's equipment there are a few property sales in there but those are the minority of that most of that is


that will provide us an opportunity to further increase our generic product revenues.


it's simply a matter of time for things to come into place. Also, like I said,

is simply a matter of time for things to come into place also like i said


the additional capacity measures are taken to absorb the daily swings in volume.

and the additional capacity measures are taken to absorb the daily swings in volume


provide our gaming customers with tremendous operational and cash efficiency.


We are fortunate that our large OEM customers in the Ag market are performing well.

we are fortunate that our large oem customers in the ag market are performing well


Consumer sliding profitability upwards which then is reflected also on the

consumer driving profitability upwards which then is reflected also on the group level


spot cases here and there of having to take some pricing actions. But the broad

spot cases here and there of having to take some pricing actions but the broad


Otherwise, the year-to-date changes were either anticipated in our original forecast

otherwise the year-to-date changes were either anticipated in our original forecast


and we think that opportunity is going to continue to grow. It


Today's results reflect another solid quarter and a strong finish to the year.

today's results reflect another solid quarter and a strong finish to the year


with the goal to drive incremental sales for our distributors and provide a healthier option for their customers.


everyone is pulling in the same direction. And as we do so, I expect our best days are ahead.

everyone is pulling in the same direction and as we do so i expect our best days are ahead


The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

the conference has now concluded thank you for attending today's presentation you may now disconnect


On an organic basis, after adjusting for the impact of the new revenue recognition standard,

on an organic basis after adjusting for the impact of the new revenue recognition standard


and looking forward, give us confidence in our ability to effectively scale the business.

and looking forward give us confidence in our ability to effectively scale the business


getting involved in the efficiency of truck movements because we think that's the real big important part of this.

getting involved in the efficiency of truck movements because we think that's a real big important part of this


At the end, net-net, it ends up being a relatively stable kind of flat environment.

at the end net-net it ends up being a relatively stable kind of flat environment


and we are evaluating the Woodford and other formations in this emerging Arkoma STACK play.

and we are evaluating the woodford and other formations in this emerging arkoma stack play


And just wanted to get a sense for with the added capital generation power,

and just wanted to get a sense for with the added capital generation power


which is a brand-new information is that we have just signed an agreement

which is a brand new information is that we have just signed an agreement


This is due to the higher upfront marketing expenses and provision for loan losses in such a scenario.

this is due to the higher upfront marketing expenses and provision for loan losses in such a scenario


Today's discussion of organic growth represents the year-on-year change for the entire company on a constant currency basis.

today's discussion of organic growth represents the year-on-year change for the entire company on a constant currency basis


With strength in our more moderate Department Store Group, we performed extremely well given market conditions,

with strength in a more moderate department store group which performed extremely well given market conditions


we will start seeing or hearing or having questions coming back and forth on those applications.


new things that we can bring to the benefit of the shareholders at Ares Capital Corporation,

new things that we can bring to the benefit of the shareholders at areas capital corporation


When you think of increasing internal leverage, is that going to go into its own

when you think of increasing a turn of leverage is that going to go into its own


Before we leave retail, I'll provide a brief update on industry regulation.

before we leave retail i'll provide a brief update on industry regulation


Sales of road safety products in U.S. increased modestly during the quarter over the same period last year.

sales of road safety products in the u s increased modestly during the quarter over the same period last year


that, we haven't been hit by that because our energy switching is not dependent on one-off events like

that we haven't been hit by that because our energy switching is not dependent on one-off events like


So our former American Chartered bankers were doing the right thing in helping their clients through the integration.

so while former american charter bankers were doing the right thing and helping their clients through the integration


and we did come out strong early season with great promotions.


In Q2, we've continued to demonstrate our ability to efficiently operate

in q2 we continued to demonstrate our ability to efficiently operate


We think that if we would have to do this without our own

we think that if we would have to do this without our own


and the margin normalization in Spain related to the increase in power purchase costs

and the margin normalization in spain related to the increase in power purchase cost


if you get below that level, that leaves you some room to start addressing the dividend?

if you get below that level that leaves you some room to start addressing the dividend


We have refined our business model to reduce management layers and accelerate decision making,

we have refined our business model to reduce management layers and accelerate decision-making


We were also better able to flow in our spring transitional goods. As a result,

we were also better able to flow in our spring transitional goods as a result


The first of our 5 strategies is what we call integrated and open solutions in the cloud.

the first of our 5 strategies is what we call integrated and open solutions in the cloud


and these incredible results are because of our relentless focus on customer success.


Yet your guidance for next year really hasn't changed that much and almost implied like a

yet your guidance for next year really hasn't changed that much it almost implies like a


what do you see on the market following the launch of the Alliance offer

what do you see on the market following the launch of the alliance offer


And then, we're starting to make investments in things like data

and then we're starting to make investments in things like data


and we currently have a pending application for new market tax credits.


This is the annual meeting of the nation's pathologists scheduled for September in Las Vegas.

this is the annual meeting of the nation's pathologists scheduled for september in las vegas


interested in looking of what is going to be the announcement, which will come out

interest in looking on what is going to be the announcement which will come out


really enjoys that, having the extra product portfolio. And the same is true with

really enjoys that having the extra product portfolio and the same is true with


Over the past few years, we've laid out our vision to be the best snacking company in the world.

over the past few years we've laid out our vision to be the best snacking company in the world


and we expect to reach more than 500 markets by the end of the year.


To better understand these risk factors, please refer to the documents that SciClone filed

to better understand these risk factors please refer to the documents that cyclone files


Well, there's a couple of things that I would say there. One is that in most of the countries we operate in,

well there's a couple of things i would say there one is that in most of the countries we operate in


differentiated and compelling capability and drive that into the market with passion.


The team continues to execute a strategy with financial discipline. We expect

the team continues to execute the strategy with financial discipline we expect


But I believe we are in a strong position to capitalize on our Lithium Ion battery technology,

but i believe we are in a strong position to capitalize on our lithium-ion battery technology


and as a company, that you're not overly leverage by any single movement within the market.

and as a company that you're not overly leveraged by any single movement within the market


both representing historically strong numbers, but down from projections just a couple months ago.

both representing historically strong numbers but down from projections just a couple of months ago


There can be no assurant that our -- assurance that our beliefs or expectations will be achieved.

there could be no assurance that our beliefs or expectations will be achieved


In addition, our new MUSCLE MILK bars have been well received in the marketplace.

in addition our new muscle milk bars have been well received in the marketplace


Symphony Health for a long time kind of correlated with EXPAREL and then

symphony health for a long time kind of correlated with exparel and then


prospecting. So I think for us, this is all about leverage now, and we see a very distinct

prospecting so i think for us this is all about leverage now and we see a very distinct


result from our managed operations and solid organic capital generation


So if we look at what that means in terms of our operating cash flow numbers.

so if we look at what that means in terms of our operating cash flow numbers


both our peak frequency and capacity share in markets like the Sydney market. So

both our peak frequency and capacity share in markets like the sydney market so


things are moving slowly. One of the things we thought would be that a lot of the folks that haven't done things the right way

things are moving slowly one of the things we thought would be that a lot of folks that haven't done things the right way


introduction of the low sulphur that implementation we have seen and also the

introduction of the low-sulfur that implementation we have seen and also the


then obviously it's going to get pushed out from there. So in all honesty, until we have some experience,

then obviously it's going to get pushed out from there so in all honesty until we have some experience


yes, I mean, our associates and our managers have done an extremely good job in the first half

yes i mean our associates and our managers have done an extremely good job in the first half


We have a long-term agreement in place today with First Data that includes pricing and service level agreements and so on.

we have a long-term agreement in place today with first data that includes pricing and service level agreements and so on


we feel good about our volume growth that we had. You see the headline looking at overall Americas.

we feel good about our volume growth that we had you see the headline looking at overall americas


While I'm proud of Diageo's track record in this area, there is more we can do.

while i'm proud of the argos track record in this area there is more we can do


Before we move on to questions, I want to thank our employees for their commitment to Groupon and for embracing our strategy.

before we move on to questions i want to thank our employees for their commitment to groupon and for embracing our strategy


And also, just touch on the issue of this year's seaweed outbreak in the region.

and also just touch on the issue of this year's seaweed outbreak in the region


So okay, I will stop here and conclude by saying we feel very good about where we are.

so okay i will stop here and conclude by saying we feel very good about where we are


I think it serves as confirmation around our capital requirements, what we said about that for both the

i think it serves as confirmation around our capital requirements what we've said about that for both the


Kevin will begin with the legal disclaimer, and then I will summarize the operating results for each of the operating units.

kelly will begin with the legal disclaimer and then i will summarize the operating results for each of the operating units


competitive bankruptcy at the end of last year, and you mentioned some of the attrition in China this year. If we have another year

competitor bankruptcy at the end of last year and you mentioned some of the attrition in china this year if we have another year


Well, thanks again for joining us today. We wish all of the Happy Thanksgiving

well thanks again for joining us today we wish all of you a happy thanksgiving


I think provides a huge opportunity for us. OTT is clearly

i think provides a huge opportunity for us as ott is clearly


don't exist with a lot of the local suppliers. And that's why the market is

don't exist with a lot of the local suppliers and that's why the market is


and we like what we've got and we'll continue to look for ways to


How does it work with each other? And what is the additional benefit that you get because of this framework?

how does it work with each other and what is the additional benefit that you get because of this framework


the way I'm reading it, that certainly has played a role. And as soon as you

the way i'm reading it that certainly has played a role and as soon as you


We now cover approximately 11 point million lives in our medical pharmacy program.

we now cover approximately 11 point million lives in our medical pharmacy program


These attributes are ideal for memory applications, which require faster performance

these attributes are ideal for memory applications which require faster performance


Maybe just walk through some of the biggest moving parts in terms of that step-up, please?

maybe just walk through some of the biggest moving parts in terms of that split up please


opportunity with it, and with that comes more opportunity. So we feel good about the opportunities in front of us,

opportunity with it and with that comes more opportunity so we feel good about the opportunities in front of us


So we have built into our plan some disruption

so we have built into our plan some disruption


We begin this call by reviewing our results for the third quarter and our guidance for the fourth quarter.

we begin this call by reviewing our results for the third quarter and our guidance for the fourth quarter


As a result, we have continued to maintain a very strong balance sheet and are pleased to reward our shareholders

as a result we have continued to maintain a very strong balance sheet and are pleased to reward our shareholders


The second one was the question to see if this domestic traffic

the second one was a question to see if domestic traffic


During today's call, we will make certain forward-looking statements as defined by the Federal Security laws.

during today's call we will make certain forward-looking statements as defined by the federal security laws


in line with the segment profitability we see? Just general color in the China business would be nice. Well,

in line with the segment profitability we see just the general color in the china business would be nice


And we have an intercompany money pool that allows us to move money around to where it's needed.

and we have an intercompany money pool that allows us to move money around to where it's needed


as a result of the increase in LIBOR. If you look at our

as a result of the increase in libor if you look at our


The next step that we're going to do is just in a couple of weeks, doing the same thing,

the next step that we are going to do is just in a couple of weeks doing the same thing


is covered under the safe harbor provisions of the Private Securities Litigation Reform Act.

is covered under the safe harbor provisions of the private securities litigation reform act


that doesn't mean that the shareholders will decide to distribute the entire balance of the reserve.


My thanks goes to our highly effective team, who threw themselves into the massive challenge

my thanks goes to our highly effective team who threw themselves into the massive channels


it's been only half a month, so I can't say anything definitively.

it's been only half a month so i can't say anything definitively


even fairly right on what the penetration rate can or should be,

or even fairly right on what the penetration rate can or should be


In addition, we expect to discuss certain financial measures and information that are non-GAAP financial measures

in addition we expect to discuss certain financial measures and information that are non-gaap financial measures


is going to be also dependent on our ability to execute new contracts. And we have a number of opportunities that we're pursuing

is going to be also dependent on our ability to execute new contracts and we have a number of opportunities that we're pursuing


I think what happens is what happens to the competition for the deposits in the banking system.

i think what happens is what happens to the competition for deposits in the banking system


We anticipate the full company revenue for Q2 is likely to be 7% to 11% higher

we anticipate the full company revenue for q2 is likely to be 7% to 11% higher


in the second quarter from the good start 2016. One of the key reasons

in the second quarter from the good start 2016 one of the key reasons


In line with the previous quarter, the depreciation and amortization expenses

in line with the previous quarters the depreciation and amortization expenses


much of that deferred volume back to market at a much stronger pricing. So we're happy to

much of that deferred volume back to market at a much stronger pricing so we're happy to


and most recently by a health technology assessment report published by NICE

and most recently by a health technology assessment report published by nice


based on the pilot results, even with a smaller set of subjects

based on the pilot results even with a smaller set of subjects


We believe these investments will give us a strategic advantage and support our customer needs.

we believe these investments will give us a strategic advantage and support our customer needs


by the holiday shift and resulting closures of branches on Christmas Eve and New Year's Eve.

by the holiday shift and resulting closures of branches on christmas eve and new year's eve


that as we shrink the size of the group, we actually shrink the size of the organization accordingly.

that as we shrink the size of the group we actually shrink the size of the organization accordingly


there is a moderate optimism in the domestic market.


it's not significant, but nonetheless, it's visible -- how that might or might not be

it's not significant but nonetheless it's visible how that might or might not be


in other cases similar to that, you see that you have to have -- we adopted

in other cases similar to that you see that you have to have -- we adopted


and have completed changes in our sales management structure, which I fully expect

and have completed changes in our sales management structure which i fully expect


which is somewhat impacted by the continuing suspension of drilling in Mid-Continent during the sales process.

which is somewhat impacted by the continuing suspension of drilling in mid-continent during the sales process


that the prices we'll get for this will allow us to essentially pay off all the existing lenders


but our early observations support the thesis behind the new architecture and the many growth opportunities that it provides.


Second, we are very pleased with the favorable outcome of the IPR proceeding

second we are very pleased with the favorable outcome of the ipr proceeding


to have a direct and meaningful impact on the performance of the roughly 13 stores that each of them oversee.


We look forward to bringing our team together and the efficiencies of our new office.

we look forward to bringing our team together and the efficiencies of our new office


We are definitely interested in pushing the edge of the scientific frontier in addiction

we are definitely interested in pushing the edge of the scientific frontier in addiction


and have direct discussions. But that's probably later this year, early '19 before we engage in that.

and have direct discussions but that's probably later this year early '19 before we engage in that


Yes. So we don't have -- so I just want to make sure I understand the question. So

yes so we don't have -- i just want to make sure i understand the question so


engaging with customers and prospects in regional channel partners from Asia, Latin America and Europe,

engaging with customers and prospects in regional channel partners from asia latin america and europe


you have told us that there will be an increase,


it's a combination of all those variables that has underpinned that result.


to break that down and give you a sense, we tend to go off of

to break that down and give you a sense we tend to go off of


Outside of hematology, we continue to make strong progress in the neuromuscular and pulmonary programs.

outside of hematology we continue to make strong progress in our neuromuscular and pulmonary programs


this is an interesting program that we have an ability and expertise in.


categorized as unusual, nonrecurring and outside of the

categorized as unusual nonrecurring and outside of the


Finally, we will aim to line how we report the market with the way we run the business.

finally we were able to align how we report to the market with the way we run the business


you think about the incremental cost of funds for Triangle as we

you think about the incremental cost of funds for triangle as we


We also recently added a meaningful piece of new business, which begins this sailing season.

we also recently added a meaningful piece of new business which begins this sailing season


renewable energy and our social commitments, some of these highlights you can see on the chart.

renewable energy and our social commitments some of these highlights you can see on the chart


led by our field leaders. Our teams are more aligned than ever on the priorities for 2017, and

led by our field leaders our teams are more aligned than ever on the priorities for 2017 our


as you have displaced residents and you have responders to


has impacted all the channels in the organization. But I'll talk to that before I close.

has impacted all the channels in the organization but i'll talk to that before i close


Good afternoon. My name is Christina, and I will be your conference operator today.

good afternoon my name is christina and i will be your conference operator today


Due to quiet period restrictions, we will not be able to comment on the secondary offering on today's call.

due to quiet period restrictions we will not be able to comment on the secondary offering on today's call


This is due to a reduction in the forecast for Services outside Japan.

this is due to a reduction in the forecast for services outside japan


As always, we look forward to updating you on our progress when we report again.

as always we look forward to updating you on our progress when we report again


on one hand, the increase of the capacity of our German facilities and

on one hand the increase of the capacity of our german facilities and


This mindset will be critical to our future success. I will now turn it over to Tom.

this mindset will be critical to our future success i will now turn it over to tom


New cobranded credit cards from Chase and Amex should enrich guest loyalty even further.

new co-branded credit cards from chase and amex should enrich guest loyalty even further


Our strategy of building a company that brings to market oral drugs for rare diseases is coming together.

our strategy of building a company that brings to market oral drugs for rare diseases is coming together


Our discipline as well as the realization of our additional synergies allowed us to keep

our discipline as well as the realization of our additional synergies allowed us to keep


For the second quarter in a row, I want to begin by congratulating and thanking our associates.

for the second quarter in a row i want to begin by congratulating and thanking our associates


So yes, I'm excited about the prospects of the company, and I believe that

so yes i'm excited about the prospects of the company and i believe that


We are confident that we have turned the corner in this segment and that we are on the right path.

we are confident that we have turned the corner in this segment and that we are on the right path


In the remaining time that we have, we may entertain one last question.

in the remaining time that we have we may entertain one last question


So we should see the effective tax rate coming down starting next financial year.

so we should see the effective tax rate coming down starting next financial year


And we also expect to be able to convert the sub,

and we also expect to be able to convert the sub


How do we weigh that -- how should we weight that in terms of assuming

how do we weigh that -- how should we weigh that in terms of assuming


those people that already have our products and know the reliability of our products.


we refer to our financial results. Here, we still see

we refer to our financial results here we still see


We've won 7 units in total, and we expect them all to open later this year.

we've won 7 units in total and we expect them all to open later this year


Let me start by thanking our team for delivering first half results, which met the midpoint of our guidance

let me start by thanking our team for delivering first half results which met the midpoint of our guidance


in my earlier comments and we'll go into much further detail on our special call,

in my earlier comments and we'll go into much further detail at our special call


In contrast, the situation on the market in Poland is becoming bleaker.

in contrast the situation on the market in poland is becoming bleaker


The other thing they have asked us to do and which DUET did not do for us

the other thing they have asked us to do and which duet did not do for us


operations that we are looking for but we analyze everything


Also I want to elaborate on a few of the details of our revenue for the first quarter.

i also want to elaborate on a few of the details of our revenue for the first quarter


another buyer might try to step in with a better offer? Or Zenium might try to ask for a higher price, given its performance?

another buyer might try to step in with a better offer or xenium might try to ask for a higher price given its performance


pricing and volume improvement in the more specialty applications. Obviously, there's a positive impact

pricing and volume improvement in the more specialty applications obviously there's a positive impact


their distribution strategies and their customer interactions by investing significantly


The direct commodity exposure accounts for a significant portion of our coverage variance.

the direct commodity exposure accounts for a significant portion of our coverage variance


we could really defer the equity issuance on an ongoing basis beyond that, we're picking this point in time

we could really defer the equity issuance on an ongoing basis beyond that we're picking this point in time


I'm very comfortable with where we are with respect to our implementation time line. We will start

i'm very comfortable with where we are with respect to our implementation timeline we will start


In fact, we've gone in some places, in many cases, we're able to actually do upgrades overnight instead of over a weekend

in fact we've gone in some places in many cases we're able to actually do upgrades overnight instead over a weekend


We are now launching the integrated solution selling programs we've been developing over the past several quarters.

we are now launching the integrated solution selling programs we've been developing over the past several quarters


for executing against our business plan and for continuing to deliver strong results.


Next, let's look at sales and income by business segment.

next let's look at sales and income by business segment


great. Credit performance has been really good. Unit economics continue to improve. So

credit performance has been really good unit economics continue to improve so


This continues to place us on the conservative end of our industry with regard to balance sheet leverage.

this continues to place us on the conservative end of our industry with regard to balance sheet leverage


And last question is with respect to investment

and last question is with respect to investment


And while inflationary pressure masks some of the cost improvements we have made within our operations,

and while inflationary pressure met some of the cost improvements we have made within our operations


And as I mentioned, we're now adding the internal audit group to her responsibilities.

and as i mentioned we're now adding the internal audit group to her responsibilities


and the risk factors that could cause actual results to differ. Thank you, Eddie.

and the risk factors that could cause actual results to differ thank you eddie


I'm trying to marry that dynamic with the other comment that you made

i'm trying to marry that dynamic with the other comment that you made


Continue to be a lot of acres planted going forward. So we think that

continue to be a lot of acres planted going forward so we think that


as well as the availability of the Marvel.

as well as the availability of the marvel


So that helps us not lose people. We have intensified our recruiting efforts

so that helps us not lose people we have intensified our recruiting efforts


we believe we're well positioned to continue to pursue our mission to help cure cancer.


The strategy of the company is to own top-tier assets and to develop top-tier inventory.

the strategy of the company is to own top-tier assets and to develop top-tier inventory


As of the beginning of August, all aspects of Proposition 57 were in effect.

as of the beginning of august all aspects of proposition 57 were in effect


Now before I turn the call over to Dave, I'd like to briefly discuss last week's announcement

now before i turn the call over to dave i'd like to briefly discuss last week's announcement


And that's balancing then the experience we create in our stores around the third place around community.

and that's balancing then the experience we create in our stores around the third place around community


through sampling. It anchors Johnnie Walker in a long mixed serve for the summer.

through sampling it anchors johnnie walker in a long mix serve for the summer


the first wireless sensor to alert Axon cameras when a firearm is removed from an officer's holster.

the first wireless sensor to alert axon cameras when a firearm is removed from an officer's holster


As a reminder, these collaboration revenues do not have a significant impact on our cash flows

as a reminder these collaboration revenues do not have a significant impact on our cash flows


Not interested in being the third vendor in a box RFP. But there are a couple that

not interested in being the third vendor in a box rfp but there are a couple that


primarily due to a reduced project backlog at the beginning of the current fiscal year.


Now as we look forward, what I would probably say is that the price

now as we look forward what i would probably say is that the price